Borsa Italiana, the comment of today’s meeting (11 June 2020)


Equity markets in the Old Continent are down by more than 2%. Banking sector securities in red. Bad day for Fiat Chrysler Automobiles  </p><div>

            <! - <EdIndex> -><p><img style="float: left;" src="" alt="Square-business-red" width="200" />Day<strong> downright negative</strong> for the major indices of Borsa Italiana and for the main European financial markets. <strong>Equity markets in the Old Continent are down by more than 2%</strong>. According to Maurizio Novelli - manager of the Lemanik Global Strategy Fund - the end of the lockdown could lead one to think that the crisis caused by the Coronavirus is now overcoming. However, the expert reported that the real crisis begins when bankruptcies begin to emerge, highlighting that in the United States 1,600 companies per day have gone bankrupt in the United States, while consumer credit has contracted heavily, going from +15 / $ 20 billion a month to -12 billion in March. "At this point, there is a risk of a corporate solvency crisis induced by a consumer liquidity crisis. So, the crisis begins now," warned Maurizio Novelli.

At 10.20 the FTSEMib recorded a 2.66% drop to 19,232 points, while the FTSE Italia All Share it was down 2.57%. Minus sign also for the FTSE Italia Mid Cap (-2.36%) and for the FTSE Italia Star (-2.31%).

L’EUR stood at over $ 1,135, while the bitcoin is confirmed between 9,500 and 10,000 dollars (over 8,500 euros).

The Btp-Bund spread rose to 190 points.

Banking sector securities in red.

Intesa Sanpaolo leaves 3.99% on the ground. As reported by Corriere della Sera in both the OPS launched on UBI Banca (-3.74%) the institute led by Carlo Messina would be evaluating the possibility of increasing the number of branches to be sold, in order to overcome the objections raised by the antitrust authority.

Negative trend for BPER Bank (-2.81%). The institute has placed a Senior Preferred bond issue for an amount of 500 million euros and a 5-year maturity intended for institutional investors, receiving requests equal to more than double the amount allocated. The yield on the security is equal to the relative mid swap rate increased by 220 basis points.

Worst performance for UniCredit (-4.24%).

Bad day for Fiat Chrysler Automobiles (-5.65%). According to Il Sole24Ore, the antitrust examination of the merger project with PSA could last four months longer than expected, as the two groups would not have submitted the documentation required by the authority. Il Sole24Ore has reported that FCA and PSA are aiming to complete the operation in the first quarter of 2021.

Bad too CNH Industrial, suspended due to falling prices.

Cattolica Assicurazioni records a 4.54% drop. The S&P Global agency confirmed the insurance company’s financial strength rating to “BBB”. The outlook remains “negative” and reflects that relating to the sovereign debt of the Italian Republic.

In sharp decline Trevi Group (-9,24%) after the strong volatility recorded in the last sessions.

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